HIVE Blockchain, the Canadian crypto mining giant, has announced that it will start mining more GPU-mineable coins once Ethereum’s upcoming ‘Consolidation’ is completed. The miner made the statement while releasing its mining production figures for the month of August. Speaking about the upcoming Ethereum ‘Merge’, Vancouver-based HIVE said it has begun exploring mining mine other mineable GPU coins than your existing GPU pool. Miners say they are doing beta testing this week, before the ‘Merge’ event will be completed by September 20th.
The aforementioned upgrade will transition the Ethereum blockchain from using a proof-of-work (PoW) consensus mechanism, in which miners with the highest computing power mine the most cryptocurrencies, to a blockchain algorithm. 99.95% greener proof-of-stake (PoS) – where Ethereum staking people validate the most transactions.
However, after merging, HIVE . mining rigs using a GPU card will no longer be suitable for the PoS version of Ethereum.
The company is now looking to get them to work elsewhere and, in theory, could Ethereum Classic, Litecoin, Monero, Dogecoinand others.
HIVE says its engineering team is working on a strategy to optimize the hash rate economics of the Ethereum 6.5 Terahash mining capacity the company achieved at the end of August in the event that Ethereum converts. luxurious proof of stake mechanism, on many other GPU miningable coins.
HIVE sees a competitive landscape where GPU miners with the most efficient equipment and lowest electricity costs will prevail.
The company says its Boden mining facility is one of the largest single-site Ethereum pools in the world. With power fixed at approximately $0.03 (approximately Rs 2.40) per KWHR in the facility, HIVE says it is well positioned to navigate the market ahead.
HIVE’s GPU fleet comprises approximately 21.5 MW or 16% of the company’s global portfolio with a green energy (hydro and geothermal) data center capacity of 130 MW.
Of these 21.5 MW, about 14.8 MW consists of old GPU cards, which have paid for themselves many times since installation, thus marking a successful venture in Ethereum mining.
HIVE says these legacy GPU tokens include approximately 3.7 Terahash of the company’s Ethereum hash rate. According to the company, these cards can be used for cloud computing and AI applications, as well as for engineering applications, including scientific modeling of fluid dynamics.
